What are the laws surrounding commercial lease agreements in New York and what should I know before entering into one?

Legal Advice on Commercial Lease Agreements in New York

As a lawyer, I can provide legal advice on commercial lease agreements in New York.

Key Aspects to Consider

Commercial lease agreements in New York are governed by both state and federal laws. It is important to understand these laws before entering into a commercial lease agreement to ensure that your rights and interests are protected. Here are some key aspects to consider:

1. Understanding the Lease Terms: When entering into a commercial lease agreement, it is imperative to understand the lease terms, including the rent, security deposit, length of the lease, and any renewal or termination provisions, and the obligations of the landlord and the tenant.
2. Rent Payments and Late Payment Fees: The lease agreement should clearly state the rent payment terms and any late payment fees if applicable. It is important to understand the consequences of a missed rent payment or late payment.
3. Security Deposit: The lease agreement should state the amount of the security deposit and any conditions that must be met to obtain a full refund at the end of the lease. New York law requires landlords to return the security deposit within 14 days of the lease ending, minus any deducted amount for damages.
4. Maintenance Obligations: The lease agreement should state the maintenance obligations of both the landlord and the tenant. It is important to document the condition of the premises at the time of move-in to avoid any disputes regarding damages.
5. Subordination and Non-Disturbance Clauses: Commercial lease agreements often include subordination and non-disturbance clauses, which allow the landlord to mortgage the property while ensuring that the tenant's lease is still valid, and that the tenant will be able to remain on the property, even if the property is foreclosed upon.
6. Lease Termination: The lease agreement should indicate the notice required to terminate the lease, the consequences of early termination, the conditions upon which the landlord may terminate the lease, and the actions that the tenant can take in response to a termination notice.

In summary, it is important to understand the terms of a commercial lease agreement when entering into one in New York. This includes understanding rent payments, security deposit, maintenance obligations, subordination and non-disturbance clauses, and lease termination. If necessary, consult with an attorney to ensure that you are protected and understand the consequences of the lease agreement.